Morgan Stanley charged with running unethical sales contests: regulator

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The corporate logo of financial firm Morgan Stanley is pictured on a building in San Diego, California September 24, 2013. REUTERS/Mike Blake/File Photo (Copyright Reuters 2016)

Massachusetts' top securities regular on Monday charged Morgan Stanley with "dishonest and unethical conduct" for having run high-pressured sales contests in Massachusetts and Rhode Island.

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Secretary of the Commonwealth William Galvin charged that Morgan Stanley brokers pushed so-called "securities based loans" in order to boost business.

(Reporting by Svea Herbst-Bayliss; Editing by Chizu Nomiyama)